Warren Buffett, 93, chairman of Berkshire Hathaway, has changed his plans for his fortune after his death. He shared with the Wall Street Journal that his will now directs his wealth to a new charitable trust managed by his three children, ending posthumous donations to the Bill & Melinda Gates Foundation.
"The Gates Foundation will receive no money after my death," Buffett stated.
He has revised his will multiple times, recently expressing confidence in his children's values and their ability to manage his legacy. Each of his children oversees a philanthropic organization.
"I fully trust my children and their values," Buffett said.
Previously, Buffett intended for over 99% of his estate to support the Gates Foundation and four family-related charities: the Susan Thompson Buffett Foundation, Sherwood Foundation, Howard G. Buffett Foundation, and NoVo Foundation. For now, he continues to donate to the Gates Foundation during his lifetime.
On Friday, Berkshire Hathaway announced Buffett is converting 9,000 Class A shares into over 13 million Class B shares, with 9.3 million shares going to the Gates Foundation Trust and the rest to the family charities.
"Warren Buffett has been incredibly generous to the Gates Foundation for over 18 years," said Mark Suzman, the foundation's CEO, adding gratitude for Buffett's recent gift and his total contributions of about $43 billion.
Last year, Buffett donated about $870 million to his family's charities and around $750 million in 2022.
Following these donations, Buffett holds 207,963 Berkshire Hathaway Class A shares and 2,586 Class B shares, valued at roughly $128 billion.